In 2021, the interest rate and default interest rate regime under Thai law was updated pursuant to the Amendment to the Civil and Commercial Code. As a brief overview, the interest rate for any monetary obligation has been set at 3%, subject to periodic adjustments by the Ministry of Finance based on the economic situation. The default interest is the base interest rate plus 2% (i.e., 5% in general) and can only be charged on the due but unpaid principal amount of the default instalment. This, unless otherwise specified by mutual agreement or by law, applies to all general monetary obligations and claims under commercial contracts, including sale and purchase agreements, lease agreements, and loan agreements (only between individuals, intercompany loan or C2C).